South32 to Post Impairment Loss of US$728 Million

摘要

On July 21, South32 Limited, Australia made it clear that the Company would post a pre-tax impairment loss of US$728 million caused by the metallurgical coal business in the Illawarra region in the State of NSW on the account settlement in FY2021 (one year ending 30 June 2021). The reason why the impairment loss was caused is because the Independent Planning Commission (IPC) of the State of NSW did not approve the expansion project for Dendrobium coal mine driven by South32. South32 is now running Appin coal mine and Dendrobium coal mine in the Illawarra region. Both coal mines are an underground coal mine adopting a longwall (LW) mining method, and the flagship type of coal produced is hard coking coal.